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Kingdom Holding in successful takeover bid of Kingdom Hotel Investments
Kingdom Holding Company to acquire full control of KHI for $5 per share.
May 5, 2010 9:30 by Katherine Azmeh
Kingdom Holding Company (KHC) has successfully taken over Kingdom Hotel Investments (KHI) after shareholders endorsed an offer of $5 per share.
KHC, chaired by Prince Alwaleed bin Talal, already had a stake in KHI but announced its intention to take full control through its subsidiary in the Cayman Islands, Kingdom 5-KR-211. The offer for the remaining shares was made on March 15.
KHI is a company based in the Dubai International Financial Center and its shares are currently listed on the NASDAQ Dubai.
After the majority of shareholders accepted the offer of $5 a share, KHC was able to take its total stake in KHI to approximately 94 percent, enabling it to take full control under stock exchange rules.
KHI will apply to NASDAQ Dubai to cancel its listing and the cancellation of the trading of its global depository shares on the London Stock Exchange.
KHC has also announced that an offer for the remaining six percent of shares will remain open until May 18.
“We are delighted with the success of the offer to KHI shareholders, who have realized the value of $5 per share. KHI’s business is continuing to perform,” said Prince Alwaleed.